UpGuard, a cybersecurity and risk management company, has raised $75 million in a Series C funding round led by Springcoast Partners. The minority investment will support the company’s next phase of growth, including expanded capabilities for its AI-powered Cyber Risk Posture Management platform, scaled global go-to-market operations, and potential strategic M&A activity. Springcoast joins existing investors August Capital, Square Peg Capital, and Pelion Venture Partners.
The company said it is focused on strengthening its enterprise-grade offerings for the mid-market, helping CISOs and lean security teams address increasingly complex cyber threats. UpGuard’s AI-powered CRPM platform is designed to unify fragmented cybersecurity functions by correlating risk across vendor risk, breach risk, user risk, trust exchange, and risk automations for GRC engineering.
Founded in 2012, UpGuard reports that it is trusted by 50,000 organizations in more than 90 countries, including over 2,000 customers supported by a distributed workforce across 14 countries. The company processes more than 100 billion risk signals daily and has been recognized in the G2 2026 Best Software Awards, ranking among the top 15 companies for Security and in the top 100 Global Software Companies. UpGuard has also maintained the top position on G2 for Third-Party and Supplier Risk Management for 15 consecutive quarters.
The company highlighted significant AI-driven scale in recent months. Over the last 100 days, the platform processed more than 23 billion tokens to power risk assessments, threat signals, and security questionnaire completions. To date, more than 70,000 AI risk assessments and 700,000 AI autofill questionnaires have been completed. UpGuard’s AI Threat Analyst has triaged 90 percent of more than 483,000 breach signals, allowing security teams to prioritize high-intent threats.
BofA Securities acted as the exclusive placement agent on the transaction, and Fenwick provided legal counsel.
UpGuard is headquartered in Hobart, Tasmania, with US headquarters in Mountain View, California. Springcoast, founded in 2023, is a New York-based growth equity firm focused on software and technology companies.
KEY QUOTES
“UpGuard has an opportunity to bridge the gap between risk and security, and this Series C round adds even more fuel to accelerate the delivery of our enterprise-grade solutions for the mid-market. This ensures that CISOs and lean security teams can stay resilient with best-in-class tools to address today’s increasingly complex threat landscape.”
Mike Baukes, Co-Founder And CEO, UpGuard
“UpGuard has proven its ability to execute and achieve significant scale and capital efficiency in a critical market, and they have the vision and technology to achieve even more. We are excited to partner with the UpGuard team as they expand their AI-CRPM platform capabilities and solidify their position as a leader in cyber risk posture management.”
Holger Staude, Managing Partner, Springcoast Partners
